Which of the following best describes executed consideration?

Executed consideration refers to an act that has been performed in return for a promise made by another party. When one party fulfills their obligation by performing an act, this exchange solidifies the agreement and typically indicates that consideration has been fully executed.

In legal terms, consideration is a fundamental component of a contract, often defined as something of value exchanged between the parties involved. In this context, executed consideration demonstrates that one party has completed their part of the bargain, thereby supporting the enforceability of the contract.

Other options present different concepts related to consideration but do not accurately describe executed consideration. A promise made at a later date does not reflect the immediate exchange of value; rather, it suggests that a promise is yet to be fulfilled. A conditional agreement implies that performance is dependent on specific conditions being met, which does not align with the notion of something being executed. Similarly, a promise for a promise outlines a mutual exchange of promises, known as “bilateral consideration,” but does not capture the essence of executed consideration, which is about completion of an act rather than merely promising to do something in the future.